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Dyax Lands Deal to Raise $50M

Dyax (NASDAQ:DYAX), a Cambridge, MA-based biotech firm, and investment fund Azimuth Opportunity have struck a deal under which Dyax may sell up to $50 million of its common stock to Azimuth over an 18-month period, Dyax reports. Dyax CFO George Migausky stated that the agreement, which does not obligate Dyax to sell any shares to Azimuth, would provide Dyax with additional resources to advance the development of its lead drug DX-88 for hereditary angioedema.

Ryan McBride is Xconomy's correspondent. You can reach him at rmcbride@xconomy.com, or follow him on Twitter at http://twitter.com/Ryan_McBride.

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